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NTT DC REIT Debuts in SGX’s Biggest REIT IPO Since 2017

The US$773 million offering backed by NTT Group with support from GIC opens near par to highlight renewed investor interest in Singapore data centre infrastructure.

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Overview

  • The US$773 million listing attracted overall demand at 4.6 times its offering size when subscriptions closed on July 10.
  • Retail interest was particularly strong with the public tranche oversubscribed 9.8 times at its US$1 unit price.
  • Trading began at 2pm SGT on July 14 in US dollars with shares opening at US$1.02, briefly peaking at US$1.03 and then stabilizing around US$1.02.
  • NTT DC REIT holds six operational data centres across the United States, Austria and Singapore valued at approximately US$1.57 billion.
  • The debut lifts SGX’s equity market momentum after a quiet first half by tapping growing AI and cloud computing power demand projected to rise at a 27.5% CAGR through 2027.